Development

Wright Runstad, J.P. Morgan Open 58-Story Residences at Rainier Square in Downtown Seattle

by Amy Works September 16, 2021

SEATTLE — Wright Runstad & Co. and J.P. Morgan have welcomed the first residents of The Residences at Rainier Square in downtown Seattle. Wright Runstad & Co. partnered with institutional investors advised by J.P. Morgan Global Alternative on development of the mixed-use project. The Residences features 189 for-lease apartments, occupying floors 39 through 58 of the mixed-use structure, in a mix of one-, two- and three-bedroom layouts and top-floor penthouse. The property also offers a 40th-floor Sky Lobby, 14,000 square feet of amenity space, a 24/7 concierge service, a Full Swing golf simulator, an indoor grilling station, full-service pet lounge with grooming stations, exercise room, play area and pet relief area. NBBJ served as architect for the community.

September 16, 2021

Development Industrial Washington Western

CRG Breaks Ground on 1.1 MSF Costco Distribution Facility in Tumwater, Washington

by Amy Works September 16, 2021

TUMWATER, WASH. — CRG has broken ground on a 1.1 million-square-foot distribution center in Tumwater, approximately 60 miles southwest of Seattle. Costco will own the 79-acre project, located at 2311 93rd Ave. The $160 million build-to-suit project will feature 175 car parking spaces, 418 trailer spaces and 129 dock doors. Construction started in mid-August and completion is slated for August 2022. CRG sourced the land, navigated the entitlement process and provided development services for Costco. Clayco, CRG’s parent company, is constructing the distribution facility, which was designed by Lamar Johnson Collaborative, a subsidiary of Clayco.

September 16, 2021

Development Georgia Hospitality Southeast

Mainsail Lodging Opens Epicurean Atlanta Hotel in Midtown District

by Julia Sanders September 16, 2021

ATLANTA — Mainsail Lodging & Development has opened Epicurean Atlanta, a 16-story boutique hotel in Midtown Atlanta. The hotel is a member of the Autograph Collection, a group of independent hotels operated by Marriott International. Epicurean Atlanta is the second location of the Epicurean Hotel brand, the first of which was a collaboration between Mainsail Lodging and the Bern’s Steak House in Tampa. Atlanta-based architectural and interior design firm Rule Joy Trammell + Rubio oversaw the new hotel’s design. The Epicurean Atlanta hotel has 178 guest rooms with 22 suites. Hotel amenities include a fitness center with floor-to-ceiling windows, as well as a pool on the ninth level sky terrace that offers temperature-controlled cabanas and butler service. Additionally, there will be wellness activity programming on the events lawn. Located at 1117 West Peachtree St., the hotel is one of three towers within Selig Enterprises’ 1105 West Peachtree mixed-use development. The other two towers in the project include a 31-story office tower and a 64-unit apartment tower called 40 West 12th. Epicurean Atlanta is anchored by three dining concepts: Reverence, the hotel’s signature restaurant that features a 2,886-square-foot space for seating up to 127 guests; Aerial Kitchen & Bar, which will …

September 16, 2021

Development Multifamily Southeast Tennessee

RangeWater Breaks Ground on 353-Unit Apartment Community in Nashville

by Julia Sanders September 16, 2021

NASHVILLE, TENN. — RangeWater Real Estate has broken ground on a 353-unit apartment community in Nashville’s River North Development District, a former industrial neighborhood undergoing revitalization. The project is RangeWater’s 100th development. Located at 201 Cowan St., the apartment project will include studio, one- and two-bedroom apartments located close to downtown Nashville and Germantown. When completed, the apartments will have two floors of amenities and a sky lounge with views of downtown Nashville. Community amenities will include a listening lounge with recording equipment for musicians and a pool deck atop a green rooftop space. The apartments will feature nine-foot ceilings and modern finishes with stainless steel appliances, quartz countertops and washer and dryer units in each residence. Groundbreaking will take place this month with first apartment homes delivering spring 2023. RangeWater is an Atlanta-based multifamily real estate company. The apartment project will be RangeWater’s second development in Nashville, with the first being The Gossett on Church in the city’s Gulch neighborhood.

September 16, 2021

Development Illinois Industrial Midwest

Bridge Industrial Acquires Land in Mundelein, Illinois, for Development of 320,196 SF Spec Industrial Project

by Kristin Harlow September 16, 2021

MUNDELEIN, ILL. — Bridge Industrial has acquired land at 290 Townline Road in Mundelein, a northern suburb of Chicago. The developer plans to build Bridge Point Mundelein, a 320,196-square-foot speculative industrial project. Plans call for 271 car parking stalls, 101 trailer parking stalls, two drive-in doors and a clear height of 36 feet. Located in the Lake County submarket, the infill project offers direct access to the four-way intersection at I-94 and Route 60. Construction is scheduled to begin immediately with completion slated for the third quarter of 2022. Whit Heitman, Sam Badger and Jared Paff of CBRE brokered the land sale.

September 16, 2021

Development Illinois Industrial Midwest

PCCP, Transwestern to Build 173,400 SF Spec Industrial Facility in North Aurora, Illinois

by Kristin Harlow September 16, 2021

NORTH AURORA, ILL. — A joint venture between PCCP and Transwestern Development Co. is building a 173,400-square-foot speculative industrial facility in North Aurora along the I-88 corridor. Construction is scheduled to begin in October with completion slated for the second quarter of 2022. Situated on nine acres at 950 Ice Cream Drive, the Class A building will feature a clear height of 36 feet, 42 trailer parking stalls, car parking and exterior docks. Transwestern Development currently has 34 industrial projects totaling 18.4 million square feet under construction or in pre-development stages nationwide.

September 16, 2021

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing 110-Unit Apartment Complex in Glen Ridge, New Jersey

by Taylor Williams September 16, 2021

GLEN RIDGE, N.J. — JMF Properties has begun leasing Clarus Glen Ridge, a 110-unit apartment complex in Glen Ridge, located in Northern New Jersey’s Essex County. The property offers one- and two-bedroom units and amenities such as a fitness center, theater room, parlor with a wet bar, business center, dog park and storage lockers. Rents start at roughly $2,600 per month for a one-bedroom unit. Construction began in May 2019.

September 16, 2021

Development Mixed-Use North Carolina Southeast

White Point Unveils Plans for 125,000 SF Horseshoe at Hub RTP Mixed-Use Project in Durham

by Julia Sanders September 15, 2021

DURHAM, N.C. — White Point Partners has unveiled plans for a 125,000-square-foot mixed-use development in Durham called Horseshoe at Hub RTP. The name of the development emphasizes the layout of the project, with the buildings’ focus on the central plaza. Sitework at Hub RTP is expected to be completed in the second quarter of 2022, while the $50 million Horseshoe mixed-use project is expected to be complete in the third quarter of 2023. Horseshoe will be at the center of Hub RTP, a two-phase, 100-acre development that the Research Triangle Foundation is master developing within Research Triangle Park. Horseshoe, being built in Phase I of Hub RTP, will feature approximately 25,000 square feet of retail space surrounding an outdoor plaza. The master plan for Hub RTP will deliver up to 1 million square feet of Class A office space, 200,000 square feet of lab and office space, 75,000 square feet of retail and restaurants, up to two hotels and 800 residential units. Horseshoe is situated between Highway 54 and Interstate 40 directly off the Davis Drive exit. The property has 16 acres of greenspace with streamside trails and boardwalks, including a splash fountain and event lawn adjacent to Horseshoe. CBRE …

September 15, 2021

Development Industrial Leasing Activity Texas

National Property Holdings Nears Completion of 157-Acre Republic Business Center in Northwest Houston

by Taylor Williams September 15, 2021

HOUSTON — National Property Holdings is nearing completion of Republic Business Center, a 157-acre industrial project located at 11333 N. Gessner Road in northwest Houston. The locally based developer has signed two Forbes 100 tenants to occupy the entirety of the property: The Home Depot has committed to 657,600 square feet, and Amazon has committed to 141,360 square feet. The opening of these two new facilities is expected to bring about 1,000 new jobs to the region. Robert Alinger of Colliers International represented the landlord in both sets of lease negotiations.

September 15, 2021

Development Multifamily North Carolina Southeast

PCCP, Abode to Develop Three Built-to-Rent Residential Communities Near Downtown Raleigh

by Julia Sanders September 15, 2021

RALEIGH, N.C. — PCCP LLC, in a joint venture with Abode Communities LLC, plans to develop three build-to-rent (BTR) communities near downtown Raleigh totaling 73 detached homes. The three inﬁll communities will include a mix of single-family homes and townhomes, complete with a variety of neighborhood amenities. The three properties will be located within a half-mile from Raleigh’s central business district. The joint venture closed on its ﬁrst site, Abode at Hargett, in August of this year. The two companies expect to acquire the remaining two sites — Abode at Courtland in Raleigh’s Mordecai District and Abode at North State in the city’s historic Oakwood district — by the beginning of 2022. Abode Communities is an operator of BTR and SFR communities and is based in Raleigh. PCCP is a real estate finance and investment management firm based in Los Angeles.

September 15, 2021

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